Loblaw Companies Ltd reports Q3 profit up from year ago revenue grows

by The Canadian Press Posted Nov 16, 2016 5:11 am MDT Last Updated Nov 16, 2016 at 6:40 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Loblaw Companies Ltd. reports Q3 profit up from year ago, revenue grows TORONTO – Loblaw Companies Ltd. (TSX:L) reported an increase in its third-quarter profit compared with a year ago, helped by improved sales and lower restructuring charges.The corporate parent of the Loblaws grocery chain and Shoppers Drug Mart says it earned $419 million attributable to common shareholders or $1.03 per diluted share in the quarter.That’s compared with a profit of $166 million or 40 cents per share in the same quarter last year.Excluding restructuring and other one-time charges, Loblaw says it earned $512 million or $1.26 per share for the quarter, up from $408 million or 98 cents per share last year.For the 16 weeks ended Oct. 8, the company reported $14.14 billion in revenue compared with nearly $13.95 billion in the same quarter in 2015.Same-store sales at its grocery stores improved 1.4 per cent, excluding gas bar sales.Shoppers Drug Mart same-store sales gained 2.8 per cent as same-store pharmacy sales increased 1.6 per cent and same-store front store sales grew 3.9 per cent. A Loblaws store is seen Monday, March 9, 2015 in Montreal. The corporate parent of the Loblaws grocery chain and Shoppers Drug Mart says it earned $419 million attributable to common shareholders or $1.03 per diluted share in the quarter. THE CANADIAN PRESS/Ryan Remiorz